Hong Kong's jobless rate falls to 4.3%

But unemployment rate of 20 to 24 age group rose by one percentage point to 12.1%.

Hong Kong's unemployment rate fell to 4.3% in the May-July period, from 4.6% in April-June. It was the lowest figure since the November 2008 to January 2009 quarter.

The underemployment rate was 2%, accroding to a government report.

Secretary for Labour & Welfare Matthew Cheung today said the employment situation still hinges on overall economic growth and the pace of job creation.

"The uncertainty stemming from the fragile nature of recovery in the US and Europe remains a major cause for concern. We will continue to be vigilant and monitor developments closely."

Employment improvement
Decreases in the unemployment rate were mainly seen in the retail; hotels; information and communications; arts, entertainment and recreation; and manufacturing sectors.

Drops in the underemployment rate were mainly seen in the foundation and superstructure, and repair, laundry, domestic and other personal-service activities sectors, offsetting increases in the arts, entertainment and recreation, and wholesale sectors.

Total employment grew by 8,100 to 3,500,200 while the labour force increased by 3,600 to 3,667,600.
The number of unemployed people dropped by 4,400 to 167,400 while the number of underemployed fell from 73,700 to 72,900.

More work
Mr Cheung said the jobless rate drop was mainly due to the strengthened hiring sentiment of corporations given the sustained economic growth, resulting in a further increase of 8,100 in total employment.

"In light of the latest feedback from business surveys and job-vacancy data, more new jobs are likely to be created in the next few months, providing favourable conditions for the labour market to improve further," he added.

The unemployment rate for the 15 to 24 age group grew by one percentage point to 13.2%, with 41,300 unemployed. Among them, the unemployment rate of the 20 to 24 age group rose by one percentage point to 12.1%, leaving 32,800 unemployed, while that of the 15 to 19 cohort dipped by 0.3 percentage point to 20.1%, with 8,400 unemployed.

"Although the youth unemployment situation has improved when compared to a year earlier, the figures were still on the high side. We will continue to leave no stone unturned to help young people find jobs," Mr Cheung said.
In July the number of private-sector vacancies posted by the Labour Department rose to 66,734 while the number of successful placements increased to 12,681.